Pharmacy Benefit Management Market Size, Share, Growth Analysis, By Services(Speciality pharmacy services, Benefit plan design & administration, Pharmacy claims processing, Formulary management), By Services Provider(Insurance companies, Retail pharmacies, Standalone PBMs), By Business Model(Government Health Programs, Employer-Sponsored Programs, Health Insurance Management), By Application(Mail-Order Pharmacy Services, Non-Mail Pharmacy Services), By Type(Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program), By Region - Industry Forecast 2024-2031

Based on region, global pharmacy benefit management market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. In 2022, North America dominated the global market. The presence of a large patient population covered by medical insurance, the availability of advantageous government laws for pharmacy benefit managers, and the growing number of pharmacy benefit managers in the country are all important factors contributing to the region's supremacy. 
According to The National Association of Insurance Commissioners report, there will be around 66 PBM businesses serving more than 270 million Americans in March 2021. During the forecast period, Canada is expected to expand at the fastest CAGR. An increase in pharmaceutical spending and a rise in prescription filings in Canada are driving up demand for these services in this country.

During the forecast period, the Rest of the World market is expected to rise at a considerable CAGR. An increase in the number of health awareness initiatives and health plans offered by insurance carriers in Brazil and South Africa is expected to increase the adoption rate of pharmacy services. As a result, demand for and acceptance of these services will increase, significantly boosting market growth.